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Marks traces direct lending's rise from innovation to bubble dynamics, warning of software debt risks and redemption pressures in public vehicles.
Windowpast 90 days · 1 event · ending Jul 7, 2026
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GeneratedJul 7, 2026
NoteAuto-generated summary · not investment advice · verify before acting.
| % of portfolio |
|---|
| JETBLUE AIRWAYS CORP CONVERTIBLE BOND | 90,530,000Shares increased 33% | $89.0M | 1.3% |
| RIOT PLATFORMS INC CONVERTIBLE BOND | 81,960,000New position this quarter | $92.9M | 1.3% |
| CABLE ONE INC CONVERTIBLE BOND | 58,874,000Shares increased <1% | $58.1M | 0.8% |
| AIRBNB INC CONVERTIBLE BOND | 50,633,000Shares increased 29% | $50.2M | 0.7% |
| ETSY INC CONVERTIBLE BOND | 50,165,000Shares increased 28% | $44.9M | 0.6% |
| AMPHASTAR PHARMACEUTICALS INC CONVERTIBLE BOND | 43,578,000Shares increased 144% | $40.4M | 0.6% |
| BIOMARIN PHARMACEUTICAL INC CONVERTIBLE BOND | 42,118,000Shares increased 114% | $40.5M | 0.6% |
| MARRIOTT VACATIONS WORLDWIDE CORP CONVERTIBLE BOND | 40,370,000Shares increased 13% | $38.5M | 0.5% |
| CONMED CORP CONVERTIBLE BOND | 40,324,000Shares decreased <1% | $38.7M | 0.6% |
| PEBBLEBROOK HOTEL TRUST CONVERTIBLE BOND | 39,706,000Shares increased 52% | $38.4M | 0.5% |
| SEA LTD CONVERTIBLE BOND | 38,855,000Shares increased 5% | $37.8M | 0.5% |
| TELADOC HEALTH INC CONVERTIBLE BOND | 38,479,000Shares decreased 5% | $36.7M | 0.5% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 38,178,000Shares increased 33% | $33.4M | 0.5% |
| ARRAY TECHNOLOGIES INC CONVERTIBLE BOND | 33,284,000Shares increased 35% | $30.3M | 0.4% |
| CRACKER BARREL OLD COUNTRY STORE INC CONVERTIBLE BOND | 33,101,000Shares increased 34% | $32.2M | 0.5% |
| ENVISTA HOLDINGS CORP CONVERTIBLE BOND | 30,786,000Shares increased 21% | $29.6M | 0.4% |
| FIVE9 INC CONVERTIBLE BOND | 30,353,000Shares increased 290% | $27.4M | 0.4% |
| OKTA INC CONVERTIBLE BOND | 28,311,000Shares increased 67% | $27.8M | 0.4% |
| DEXCOM INC CONVERTIBLE BOND | 27,995,000New position this quarter | $25.8M | 0.4% |
| SPECTRUM BRANDS HOLDINGS INC CONVERTIBLE BOND | 27,496,000Shares increased 70% | $26.1M | 0.4% |
| ALARM.COM HOLDINGS INC CONVERTIBLE BOND | 27,198,000Shares increased 10% | $27.3M | 0.4% |
| TORM PLC COMMON STOCK | 26,425,059Shares decreased 35% | $527.3M | 7.5% |
| DRAFTKINGS INC CONVERTIBLE BOND | 25,225,000New position this quarter | $23.1M | 0.3% |
| NABORS INDUSTRIES LTD CONVERTIBLE BOND | 24,063,000Shares increased 88% | $19.6M | 0.3% |
| MGP INGREDIENTS INC CONVERTIBLE BOND | 23,225,000Shares increased 34% | $22.5M | 0.3% |
| SUMMIT HOTEL PROPERTIES INC CONVERTIBLE BOND | 21,560,000Shares decreased 27% | $21.5M | 0.3% |
| SUNOPTA INC COMMON STOCK | 20,726,126 | $78.9M | 1.1% |
| BLOCK INC CONVERTIBLE BOND | 20,243,000Shares increased 102% | $19.9M | 0.3% |
| WINNEBAGO INDUSTRIES INC CONVERTIBLE BOND | 20,220,000Shares increased 312% | $19.1M | 0.3% |
| SNAP INC CONVERTIBLE BOND | 19,576,000Shares increased 51% | $18.3M | 0.3% |
| 15677JAD0DAYFORCE INC CONVERTIBLE BOND | 19,351,000Shares increased 106% | $19.2M | 0.3% |
| JD.COM INC CONVERTIBLE BOND | 19,233,000Shares decreased 19% | $19.3M | 0.3% |
| NOKIA OYJ COMMON STOCK | 18,752,229 | $121.3M | 1.7% |
| ECHOSTAR CORP CONVERTIBLE BOND | 18,000,000New position this quarter | $60.2M | 0.9% |
| SYNAPTICS INC CONVERTIBLE BOND | 17,250,000New position this quarter | $18.3M | 0.3% |
| GARRETT MOTION INC COMMON STOCK | 17,094,816Shares decreased 46% | $298.0M | 4.2% |
| AEROVIRONMENT INC CONVERTIBLE BOND | 15,763,000Shares decreased 11% | $17.1M | 0.2% |
| PPL CORP CONVERTIBLE BOND | 15,672,000Shares decreased <1% | $17.2M | 0.2% |
| TETRA TECH INC CONVERTIBLE BOND | 15,289,000Shares increased 28% | $16.6M | 0.2% |
| LIVANOVA PLC CONVERTIBLE BOND | 15,285,000Shares increased 1% | $17.7M | 0.3% |
| CMS ENERGY CORP CONVERTIBLE BOND | 15,199,000Shares decreased 12% | $16.3M | 0.2% |
| HAEMONETICS CORP CONVERTIBLE BOND | 15,030,000Shares increased 63% | $14.9M | 0.2% |
| ITAU UNIBANCO HOLDING SA COMMON STOCK | 13,822,747Shares increased 9% | $99.0M | 1.4% |
| BANDWIDTH INC CONVERTIBLE BOND | 13,650,000Shares increased 58% | $11.9M | 0.2% |
| SNAP INC CONVERTIBLE BOND | 13,422,000Shares decreased 12% | $12.2M | 0.2% |
| BLACKSTONE MORTGAGE TRUST INC CONVERTIBLE BOND | 11,999,000Shares increased 73% | $11.9M | 0.2% |
| WEC ENERGY GROUP INC CONVERTIBLE BOND | 11,957,000Shares decreased 4% | $14.0M | 0.2% |
| 75737FAE8REDFIN CORP CONVERTIBLE BOND | 11,841,000Shares increased 46% | $11.1M | 0.2% |
| LANTHEUS HOLDINGS INC CONVERTIBLE BOND | 11,525,000Shares increased 84% | $13.2M | 0.2% |
| GRAB HOLDINGS LTD COMMON STOCK | 11,207,699Shares decreased 7% | $55.9M | 0.8% |
| PENNYMAC MORTGAGE INVESTMENT TRUST CONVERTIBLE BOND | 10,935,000Shares increased 102% | $11.0M | 0.2% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 10,911,000Shares decreased 16% | $10.8M | 0.2% |
| JAZZ PHARMACEUTICALS PLC CONVERTIBLE BOND | 10,600,000Shares decreased 37% | $14.1M | 0.2% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 10,510,000Shares decreased 19% | $10.8M | 0.2% |
| CORE SCIENTIFIC INC COMMON STOCK | 10,350,708Shares increased 62% | $150.7M | 2.1% |
| MAGNITE INC CONVERTIBLE BOND | 10,305,000Shares increased 55% | $10.2M | 0.1% |
| ZIFF DAVIS INC CONVERTIBLE BOND | 10,091,000Shares increased 58% | $9.9M | 0.1% |
| LCI INDUSTRIES CONVERTIBLE BOND | 9,927,000Shares increased 55% | $9.8M | 0.1% |
| REPLIGEN CORP CONVERTIBLE BOND | 9,830,000Shares increased 11% | $10.8M | 0.2% |
| LIVE NATION ENTERTAINMENT INC CONVERTIBLE BOND | 9,670,000New position this quarter | $10.2M | 0.1% |
| 131193AE4TOPGOLF CALLAWAY BRANDS CORP CONVERTIBLE BOND | 9,596,000Shares increased 116% | $9.6M | 0.1% |
| FLUOR CORP CONVERTIBLE BOND | 9,371,000Shares decreased 11% | $10.7M | 0.2% |
| UNITY SOFTWARE INC CONVERTIBLE BOND | 9,076,000Shares increased 142% | $8.8M | 0.1% |
| ITRON INC CONVERTIBLE BOND | 8,700,000New position this quarter | $8.8M | 0.1% |
| LIBERTY GLOBAL LTD COMMON STOCK | 8,551,191 | $95.3M | 1.4% |
| GREEN PLAINS INC CONVERTIBLE BOND | 7,677,000New position this quarter | $7.4M | 0.1% |
| COGENT BIOSCIENCES INC CONVERTIBLE BOND | 7,650,000New position this quarter | $9.0M | 0.1% |
| SMARTRENT INC COMMON STOCK | 7,505,294 | $15.2M | 0.2% |
| OPTIMUM COMMUNICATIONS INC COMMON STOCK | 7,500,000 | $12.4M | 0.2% |
| DATADOG INC CONVERTIBLE BOND | 7,499,000New position this quarter | $7.5M | 0.1% |
| REDWOOD TRUST INC CONVERTIBLE BOND | 7,456,000Shares increased 34% | $7.4M | 0.1% |
| FRESHPET INC CONVERTIBLE BOND | 7,300,000Shares increased 70% | $8.6M | 0.1% |
| UPSTART HOLDINGS INC CONVERTIBLE BOND | 7,199,000Shares decreased 37% | $7.0M | 0.1% |
| Indivior Pharmaceuticals Inc COMMON STOCK | 7,108,644Shares decreased 97% | $255.1M | 3.6% |
| NEOGENOMICS INC CONVERTIBLE BOND | 7,098,000Shares increased 81% | $6.3M | 0.1% |
| UPWORK INC CONVERTIBLE BOND | 7,038,000Shares increased 51% | $6.9M | 0.1% |
| RUNWAY GROWTH FINANCE CORP COMMON STOCK | 7,029,667Shares decreased 15% | $62.8M | 0.9% |
| BENTLEY SYSTEMS INC CONVERTIBLE BOND | 6,730,000Shares increased 257% | $6.3M | 0.1% |
| CERENCE INC CONVERTIBLE BOND | 6,605,000Shares increased 63% | $6.0M | 0.1% |
| VERTEX INC CONVERTIBLE BOND | 6,507,000Shares decreased 10% | $6.2M | 0.1% |
| TRANSALTA CORP COMMON STOCK | 6,415,253 | $81.2M | 1.2% |
| VIPER ENERGY INC COMMON STOCK | 6,285,062 | $242.8M | 3.5% |
| MKS INC CONVERTIBLE BOND | 6,255,000Shares decreased 63% | $8.0M | 0.1% |
| BLOCK INC CONVERTIBLE BOND | 5,935,000Shares increased 76% | $5.5M | 0.1% |
| STRATEGY INC CONVERTIBLE BOND | 5,763,000New position this quarter | $4.7M | 0.1% |
| CEMEX SAB DE CV COMMON STOCK | 5,749,324Shares decreased 45% | $66.1M | 0.9% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 5,748,780Shares decreased 14% | $42.9M | 0.6% |
| SHAKE SHACK INC CONVERTIBLE BOND | 5,686,000Shares decreased 51% | $5.4M | 0.1% |
| NUTANIX INC CONVERTIBLE BOND | 5,436,000New position this quarter | $5.3M | 0.1% |
| MITEK SYSTEMS INC CONVERTIBLE BOND | 5,374,000New position this quarter | $5.3M | 0.1% |
| AFFIRM HOLDINGS INC CONVERTIBLE BOND | 5,225,000Shares increased 22% | $5.0M | 0.1% |
| EXPAND ENERGY CORP COMMON STOCK | 5,062,363 | $558.7M | 7.9% |
| PENN ENTERTAINMENT INC CONVERTIBLE BOND | 4,952,000New position this quarter | $4.9M | 0.1% |
| ALVOTECH SA WARRANT | 4,666,667 | $3.0M | 0.0% |
| 842587DZ7SOUTHERN CO/THE CONVERTIBLE BOND | 4,557,000 | $4.9M | 0.1% |
| G6683N103NU HOLDINGS LTD/CAYMAN ISLANDS COMMON STOCK | 4,479,175Shares decreased 1% | $75.0M | 1.1% |
| ECOVYST INC COMMON STOCK | 4,254,503Shares increased 49% | $41.4M | 0.6% |
| ANGLOGOLD ASHANTI PLC COMMON STOCK | 3,847,991Shares decreased 8% | $328.2M | 4.7% |
| GRUPO AEROMEXICO SAB DE CV COMMON STOCK | 3,776,986New position this quarter | $82.9M | 1.2% |
| SNAP INC CONVERTIBLE BOND | 3,767,000Shares increased 83% | $3.7M | 0.1% |
Showing the top 100 of 170 disclosed positions — sort to surface different rows.
Howard Marks reshuffled roughly 21% of his disclosed book in Q1 2026, with Health Care receiving the largest net increase and Information Technology seeing the steepest cut. On the add side, Marks increased Health Care exposure by a net $200M — about 6% of his disclosed book. Energy received a net $58.2M (≈2% of book), and Financials picked up a modest $24.9M. On the trim side, Information Technology was reduced by $197.5M (≈5% of book). Consumer Discretionary was cut by $79.3M (≈2% of book), and Utilities were trimmed by $73.0M (≈2% of book). In total, $759.5M moved across the book over the quarter. The moves sit alongside Marks's published thinking on credit markets, where he has been warning that direct lending has shifted from a genuine innovation into territory with bubble-like dynamics — flagging software-debt risks and redemption pressures in public credit vehicles. The pivot toward Health Care and away from technology-adjacent sectors reflects a book that is quietly repositioning even as its manager sounds caution on stretched credit.
AI summary of filed 13F sector changes
Utilities rose most (▲ +4pp) · Consumer Discretionary fell most (▼ −5pp)
42 of 170 holdings classified · Sectors derived from free SEC SIC codes + curated overrides.
Latest filed · 2026-03-31
Every entry below is an auto-generated factual summary of a public filing or disclosure. Not investment advice. Verify before acting.
